MATIC and LINK Accumulation: A Potential Trend Reversal?
MATIC and LINK have recently fallen below their support levels, but there are indications that recent accumulation might influence a positive price trend.
- Over $3 million worth of MATIC and LINK has been accumulated in the past few days.
- The values of MATIC and LINK have increased in the last 24 hours.
According to Lookonchain, on December 20th, newly created wallets withdrew 24,860 Chainlink [LINK] tokens (valued at $3.5 million) and 5 million Polygon [MATIC] tokens (valued at $3.13 million) from the Binance [BNB] exchange.
Comparing Accumulation Patterns on Exchanges
Examining CryptoQuant data for Polygon’s exchange flow reveals interesting insights into the recent accumulation:
MATIC’s exchange flow has remained positive, reaching its highest point in recent days at 15.4 million, suggesting a significant influx of MATIC tokens into exchanges.
On the other hand, Chainlink shows an accumulation pattern based on its exchange flow, with a negative exchange netflow indicating outflow over the past few days.
As of the latest update, the NetFlow for Chainlink was around -411,565, suggesting holders are retaining their positions rather than selling.
Analysis of MATIC and LINK Price Movements
AMBCrypto’s analysis of Polygon’s daily timeframe price movement provides insights into the recent surge in exchange inflow:
MATIC’s price declined below its short-moving average (yellow line), a previous support level around the $0.8 range. As of press time, Polygon is trading with a 1.8% increase in value, around $0.7.
Similarly, LINK experienced a drop below its yellow line, although less pronounced. At the time of writing, LINK is trading at around $14.4, reflecting a modest increase of over 2%. The Relative Strength Index (RSI) line remains below the neutral line, signaling a bearish trend despite the recent uptick in price.
